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Mortgage application activity dropped sharply last week as rates moved higher, according to the Mortgage Bankers Association’s (MBA) latest survey. The Composite Index fell 10.0% on a seasonally adjusted basis for the week ending July 11, reversing much of the prior week’s gain. “Mortgage rates rose last week following higher Treasury yields, which weighed on both purchase and refinance demand,” said Joel Kan, MBA’s Vice President and Deputy Chief Economist. “Refinance activity declined, and purchase applications fell to their lowest level since May.” Refinance applications fell 7% from the previous week but remain roughly 25% higher than the same week one year ago. Purchase applications declined 12% on a seasonally adjusted basis. The unadjusted index increased 11% week-over-week and is still about 13% higher than 2024 levels, reflecting a modest improvement in year-over-year comparisons despite recent volatility. The average 30-year fixed rate rose to 6.82%—up slightly from the prior week—while points held steady or edged lower depending on loan type. Mortgage Rate Summary:
Loan Type
Rate
Change
Points
Change
30yr Fixed
6.82%
+0.03
0.62
0.00
15yr Fixed
6.11%
+0.05
0.66
−0.01
Jumbo 30yr
6.81%
+0.03
0.39
−0.01
FHA
6.55%
+0.02
0.74
−0.02
5/1 ARM
6.01%
+0.02
0.58
−0.02
Housing News
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Mortgage application activity dropped sharply last week as rates moved higher, according to the Mortgage Bankers Association’s (MBA) latest survey. The Composite Index fell 10.0% on a seasonally adjusted basis for the week ending July 11, reversing m... (read more)
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Housing News
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Builders are placing their better days in the future according to the National Association of Homebuilders (NAHB) and Wells Fargo's latest Housing Market Index (HMI). Buoyed by longer-run expectations, the headline builder confidence index rose one p... (read more)
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Mortgage Rate Watch
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While any rate watcher's bingo card should always have a few squares devoted to "unchanged, flat, etc.," this week's had at least as many squares reserved for a big reaction to inflation data. Specifically, Tuesday's inflation data had the powe... (read more)
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MBS Commentary
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At the end of a week with a few big ticket economic reports and unexpected headline-induced volatility, who wouldn't like a break? Friday's calendar offers respite with only Consumer Sentiment and residential construction numbers. Neither... (read more)
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Rob Chrisman
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With all of this talk about replacing people in our biz, could this be a future mortgage banker’s conference? Delta is moving toward eliminating set prices in favor of AI that determines how much you personally will pay for an airline ticket. I recei... (read more)
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